U.K. Fraud Office charges 3 in rate rigging probe

LONDON - Britain's Serious Fraud Office is charging three former employees of Barclays Bank PLC in the manipulation of the London interbank offered rate, or LIBOR.

Criminal proceedings began Monday against Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich for conspiracy to defraud in connection with an investigation into the scandal related to the rigging of the key market interest rate.

Their first appearances will take place at Westminster Magistrates' Court in a few weeks.

With Monday's action, a dozen people have been implicated in the investigation of LIBOR, which underpins trillions of dollars in transactions worldwide.

The scandal emerged when authorities realized some banks had submitted false data for market gain. The revelations shocked the financial community, forcing a reform in how the rate was administered.